Federal / State Tax Returns...

[fhsucade07]

I'm not sure where else to post this but the Chit Chat Club and everybody has been extremely helpful when I've asked questions before. I've got about $7800 in mortgage interest to claim this year along with a little bit of student loan interest (only about $700). I also know I'll have a good bit of my property taxes that I can claim as well as a busy year for going to the Doctor.

Here's the thing: I have just heard that you can claim the amount of money you put into gasoline if you are using it to get to work (heard it on the radio this morning). Well, I don't use gas for any other reason but to get to work and think it's too expensive otherwise -- we just watch something on DISH Network or play video games over the weekend.

Is this thing about the gas true? That would really help with my return... And yes, if I'm wrong, you can poke fun at me. I'm just repeating what I heard (and curious about how valid it might be).

Cade

 

[ONUOsFan]

I'm not sure where else to post this but the Chit Chat Club and everybody has been extremely helpful when I've asked questions before. I've got about $7800 in mortgage interest to claim this year along with a little bit of student loan interest (only about $700). I also know I'll have a good bit of my property taxes that I can claim as well as a busy year for going to the Doctor.

Here's the thing: I have just heard that you can claim the amount of money you put into gasoline if you are using it to get to work (heard it on the radio this morning). Well, I don't use gas for any other reason but to get to work and think it's too expensive otherwise -- we just watch something on DISH Network or play video games over the weekend.

Is this thing about the gas true? That would really help with my return... And yes, if I'm wrong, you can poke fun at me. I'm just repeating what I heard (and curious about how valid it might be).

Cade

Right from the source (sorry):

Car and Truck Expense Deduction Reminders

It is important to note that costs related to travel between a taxpayer’s home and regular place of work are commuting expenses and are not deductible.

 

[Peter Parker]

You can deduct a set amount per mile for business travel in your personal vehicle when it is used for business purposes. this does NOT include commuting but woudl incude driving to off site meetings, sales calls etc. But you cannot recover this from your employer and claim the deduction it is one or the other.

 

[navychop]

Consider yourself poked.

 

[Bogy]

Fortunately, I live next door to my place of business, so I have no cost of commuting (well, a little bit of shoe leather).

 

[Bobby]

My place of business is right down the hall, fully carpeted. Not even shoe leather. The cat often causes a traffic jam though.....

 

[Derwin0]

You can deduct a set amount per mile for business travel in your personal vehicle when it is used for business purposes. this does NOT include commuting but woudl incude driving to off site meetings, sales calls etc. But you cannot recover this from your employer and claim the deduction it is one or the other.

True, if work gives you millage (50cent/mile at my job), then you can't claim the deduction on business miles.

 

[hrxtreme]

Don't forget though that this year you can claim Mortgage Insurance Payments, if I'm not mistaken...

 

[Ronald_Jeremy]

True, if work gives you millage (50cent/mile at my job), then you can't claim the deduction on business miles.

Yes you can. If you keep your actual expenses and they exceed the mileage reimbursement, then you can deduct that excess amount. But that is a PITA.

 

[Peter Parker]

I agree on the excess---good point Ron. I just dis not want anyone thinking that you can deduct something you were reimbursed for.

 

[Derwin0]

Don't forget though that this year you can claim Mortgage Insurance Payments, if I'm not mistaken...

correct, but there is an income cap.
Private Mortgage Insurance (PMI) Update—Now Tax Deductible

Starting on January 1, 2007, private mortgage insurance became a deductible expense for new borrowers with less than a $100,000 income.

 

[ONUOsFan]

Don't forget though that this year you can claim Mortgage Insurance Payments, if I'm not mistaken...

Correct. You can deduct a portion of mortage insurance & interest, utilities, etc. as a part of your Home Office deduction (if you work from home, of course). One thing to keep in mind about that, though, is that the portion that gets deducted from your business taxes cannot also be deducted from your personal taxes.

 

[Paul Wozniak]

Home office deductions are a can of worms. More trouble, than worth for me.

 

[bhelms]

As far as deducting commuting mileage, it's true you cannot deduct the costs of commuting to/from work, but if you have multiple jobs then you CAN deduct the mileage between jobs.